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Finance minister Pranab Mukherjee on Saturday said there is “no other way” but to amend the Income Tax Act with retrospective effect to bring into the net Vodfone-type cross-border deals.

“I am posing a very few straight questions to you. We shall have to decide whether you want India to be a no-tax country or India will be a country where there will be taxation,” Mukherjee said at an interactive session, organised by the Calcutta Chamber of Commerce.

“Transactions of assets located in India, whether it should be taxed or not. If the answer is that has it has to be taxed, then whether it will have to be taxed in India or at the sources of the company concerned… there comes the question of how it will be protected by the Double Taxation Avoidance Agreement or Tax Exchanging Information Agreement. Except these, there is no other way,” he said.



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a question back to you sir, do you want india to be land of corrupt who hoard ill gotten money away in tax havens or do you want some dignity for india – why don’t you bring such tough laws for black money – are u afraid to hurt your own team or are u also a part in the booty public are not fools and are very well informed – so stop all those artificial talks as if you are really bothered about this country.